IASB and FASB seek views on conceptual framework

The International Accounting Standards Board (IASB) and US Financial Accounting Standards Board (FASB) have published consultative documents that seek public comment on two of the eight phases of their joint project to develop an improved conceptual framework. The first document is an exposure draft of chapters 1 and 2 of the framework. The second document sets out the preliminary views on the reporting entity concept and related issues. The IASB and the FASB invite comments on both documents by September 29, 2008. (Read the Press Release.)